CHICAGO — Joan Marron has taken over as executive director and head of Morgan Stanley's health care group after the recent departure of former co-head David Ertel.

Ertel left to join Philadelphia Einstein Healthcare Network as chief financial officer. He had been at the firm for 13 years.

Marron has been at Morgan Stanley since 2008. Before that she was co-head of the health care group at UBS, which she joined in 1979, according to Morgan Stanley.

"Joan has worked on a full range of financing products for organizations ranging from the largest multi-state system to sole providers in rural areas," the firm said in an email to the Bond Buyer. "Joan also has extensive experience with public hospital systems, academic medical centers, structure finance programs with various forms of governmental support an senior living."

Marron takes the group's helm at a volatile time in the health care sector as issuers prepare for the new federal health care law in 2014. Volume, which had been down since 2008, has started to rise again. Mergers and consolidations have become increasingly common — a trend that Marron said she expects to see continue.

"We look forward to 2013 and see many opportunities to continue helping our clients execute their financing plans and facilitate significant merger and acquisition projects," Marron said in an email. "With the health care delivery landscape transforming rapidly, we anticipate working closely with our clients throughout the country to help these health systems meet the challenges of health care reform."

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